BC Partners targeting Forthnet

Forthnet's creditor banks have received a second proposal for the acquisition of the troubled telecommunications service provider's loans.

After British investment fund Duet Private Equity, which until Monday had been expecting a letter from the banks about the launch of exclusive negotiations, Serbian telecom company United Group has submitted another proposal, of a similar level and form. Duet's proposal amounts to 41 million euros for the acquisition of Forthnet's loans worth 310 million euros, which include a convertible bond giving the buyer the right to control up to almost 40 percent of the share capital.

United is a major group with a presence in seven countries. It is a subsidiary of BC Partners and is active in cellphone, landline, pay television and internet services. Last year it was acquired by a vehicle formed by BC Partners, the largest European private...